The Globe and Mail reports in its Monday, Sept. 14, edition that artificial-intelligence focused Intrepid Growth Partners has raised $525-million (U.S.) for its first fund. The Globe's Sean Silcoff writes that the firm will announce the fund closing, $25-million (U.S.) above its target, on Monday, at the start of a week of events in Toronto, showcasing big-ticket Canadian financing opportunities for global investors. Intrepid chief executive officer Mark Machin said, "Canada has been a leader for decades in AI and has an opportunity to be one of the most interesting markets" as the technology transforms the global economy. If Canada handles this correctly, it will continue to punch well above its weight on this important shift." Intrepid raised most of its backing from foreign investors. Mr. Machin said investors from Asia and the Middle East accounted for 30 per cent of funds raised, while 15 per cent came from Europe and 10 per cent from the United States. The remaining backing was from domestic sources including CIBC, Bank of Nova Scotia, HarbourVest Canada Growth Fund, Northleaf Capital Partners and Telus. Crown corporations Export Development Canada and Business Development Bank of Canada also participated.